CONNECTICUT BUSINESS RESOURCES

5/6/20: Paycheck Protection Program loan Money still available!

As of May 1, 2020, 29,559 Connecticut small businesses have been approved for $2,556,813,941 in second round of PPP funding. In total, 47,994 Connecticut small businesses will benefit from $6,708,748,392 to-date from PPP loans!

NO-INTEREST LOANS AVAILABLE for Small Businesses and nonprofits through CT DECD: For additional information or questions, contact the Small Business Express Hotline at (860) 500-2333 or via email at decdctrecovery@ct.gov. Emails are preferred as there are a high volume of calls.

NEWS FROM THE U.S. SMALL BUSINESS ADMINISTRATION

EIDL Applications Still Processing While Portal Opens for Farms and Agricultural Businesses

SBA has begun accepting new Economic Injury Disaster Loan (EIDL) and EIDL Advance applications on a limited basis only to provide relief to U.S. agricultural businesses. The new eligibility is made possible as a result of the latest round of funds appropriated by Congress in response to the COVID-19 pandemic. To find if your agricultural business or farm may apply, go to www.sba.gov and click on the COVID-19 banner or on: https://covid19relief.sba.gov/#/.

Applying for the PPP

Applications need to be submitted through a lender. See a list of Connecticut Participating Lenders here or try the lenders below.

Families First Coronavirus Response Act - The U.S. Department of Labor has issued the new mandated Families First Coronavirus Response Act poster explaining the new paid sick leave and expanded FMLA leave benefits available from April 1 through December 31, 2020. New

Paycheck Protection Program (PPP) – Congress created this $350 billion program to provide cash-flow assistance through 100 percent federally-guaranteed loans to employers who maintain payroll obligations during this emergency. If employers maintain their payroll, the loans will be forgiven. Click here to learn more.

Small Business Debt Relief Program – This program will provide relief to small businesses with non-disaster SBA loans, in particular 7(a), 504, and microloans. Under it, SBA will cover all loan payments on these SBA loans, including principal, interest, and fees, for six months. This relief will also be available to new borrowers who take out loans within six months. Click here to learn more.

Economic Injury Disaster Loans (EIDL) – Lower interest loans of up to $2 million, with principal and interest deferment available for up to four years, that are available to cover expenses that would have been met had the disaster not occurred, including payroll and other operating expenses. Click here to learn more.

Emergency Economic Injury Grants – Provide an emergency advance of up to $10,000 to small businesses and private non-profits harmed by COVID-19 within three days of applying for an EIDL. Click here to learn more.